Investors will look to Apple's earnings call this afternoon for insight into iPhone X demand and how much overseas cash it may bring back to the states.

Here are the 3 big things we'll be paying attention to.

1. How's iPhone X demand?

  • This is the way-more-than-$64,000-question. Apple (and investors) are counting on the high-end phone to generate a "super cycle" of higher-than-typical upgrade rates and selling prices.
  • Recent reports have suggested production cuts, but longtime Apple watchers know such reports have a decidedly mixed track record.

2. How will Apple use all that repatriated cash?

  • Expect Apple to talk about buyback and dividend strategy and, if tradition is any guide, say little about its acquisition plans.
  • Historically, Apple tends to say the same thing: It buys lots of little companies and, while it hasn't done a lot of big ones, isn't philosophically opposed.

3. Where's Apple placing its bets?

  • It's hard to know just how much insight we will get, but as always, we'll be watching for any sign of where Apple is putting its time and energy.
  • Though it doesn't typically comment on future stuff, there's a chance Apple could make a nod to the shift toward quality and performance that it is making for this year's big software releases.
  • The company also sometimes gives oblique hints on whether to expect it to go into "new categories" or not.

Other indicators:

  • Services has been the fastest growing part of Apple's business and closely watched by Wall Street.
  • In the August-to-October quarter, Apple finally showed some improvement in China. It will be interesting to see how the December quarter went in that regard.
  • The numbers: Analysts are expecting Apple to report per-share earnings of $3.82 on revenue of $86.3 billion, per Zacks.

Go deeper

Updated 25 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 11,288,094 — Total deaths: 531,244 — Total recoveries — 6,075,489Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 2,839,917 — Total deaths: 129,676 — Total recoveries: 894,325 — Total tested: 34,858,427Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.

Trump's failing culture wars

Data: Google; Chart: Naema Ahmed/Axios

President Trump built his political brand by stoking the nation's culture wars, but search data is showing us how much harder it's been for him to replicate that success while running against another white man in his 70s — and while there's a coronavirus pandemic.

The big picture: Google Trends data shows Trump's "Sleepy Joe" name-calling isn't generating nearly the buzz "Crooked Hillary" (or "Little Marco") did in 2016. Base voters who relished doubting President Obama's birth certificate aren't questioning Biden's.

16 hours ago - Health

15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.